"Welcome to Muamalah Financial Consulting Sdn Bhd"
We are a team of highly experienced Islamic Bankers and Islamic Scholars providing timely and hands-on
Islamic Financial Consultancy to Corporates and individuals desirous of such services.
Muamalah Financial Consulting Sdn Bhd is a Malaysian Securities Commission approved:
Syariah Adviser for Sukuk Issuance.
Syariah Adviser for Islamic Unit Trusts
Services provided are as follows :-
Syariah Advisory on Sukuk Issuances.
Syariah Advisory for Islamic Unit Trusts.
Arrangement of Islamic Financing on behalf of Corporates.
Provision of Training Courses on Islamic Financing, Islamic Banking, Islamic Capital Market and Islamic
Investments.
Provision of Consultancy Services in relation to Islamic Financing, Islamic Banking, Islamic Capital Market
and Islamic Investments.
Led by Muhammad
Zahid Abdul Aziz, BA Econs (Exeter) MSc Islamic Banking & Finance (IIUM), renowned International Trainer and Consultant
on Islamic Finance and the Islamic Capital Market
What is an Islamic Bond or Sukuk? Explaining BBA Notes, Islamic
Commercial Papers, Islamic Medium Term Notes, Principal features of Mudarabah
and Musyarakah Sukuk. Are current issuances of Musyarakah Sukuk based on
Musyarakah? Unraveling the differences between South East Asian and Middle
Eastern interpretations. Is BBA not acceptable or the bipartite nature of BBA
which is at issue? Is it true that Middle Eastern Islamic Finance is based on
equity instead of debt? Why do Sukuk structurers in all jurisdictions issue
Musyarakah Sukuk with debt features? Sovereign Sukuk- structures and
termsheets. Sukuk from the point of view of the Issuer. What kind of projects
are eligible? Basic criteria for potential issuers. Rating process. Issuance
procedures. Costs of Issuances. How long does it take to see the money?
Accounting entries. SC Guidelines on Sukuk. Computation and Case Study based on
actual issuance. Principle features of Middle Eastern Sukuk. Sukuk Ijara, Sukuk
Musharaka and Exchangeable Sukuk. Term sheet Structures and outline legal
documents
The Programme
1st
session
9.00
am –
10.30 am
10.30
-11 am
Coffee Break
. Principal
Features of local Sukuk and
Its
Latest Developments.
-Principal features of Sukuk BBA
-Principal features of Sukuk Murabahah
-Principal features of Sukuk IMTN’s
-Principal features of Musyarakah/
Mudharabah Bonds
-Project Gold – Analysing the Structure and
Features of Malaysia’s First Islamic Sovereign Issue.
USD600
million Sukuk Ijarah/ Trust Certificate
Issuance on behalf of Malaysia Global Sukuk Inc.
2nd
session
11.00
am – 1
pm
1pm
-2pm Lunch
Issuing a
Sukuk
1. Sukuk
Issuance from the Issuer’s Perspective.
-
Eligibility of projects for Sukuk
Financing.
-Basic criteria for companies to be eligible to issue Sukuk.
-The Rating Process and Significance of Ratings.
-The Issuance Procedure/ Requirements.
-Advisors / Consultants.
-Detailed Costs Breakdown.
-Period taken and timetable to Financial Close.
-Accounting entries for Islamic Bonds.
Complying
with Securities Commission’s Guidelines on Sukuk Issuance.
Concepts,
structure, term sheet, legal
documentation, Administrative and Operational procedure and Documents.
Eligibility of transacted asset/project
Islamic
Capital Market Exercises
I)Computing the
face value of Primary
and
Secondary notes.
II) Designing an Sukuk
Term sheet for a
potential Issuer
3rd
session
2.00
pm – 3.30
pm
3.30
pm -4 pm
–Tea Break
Principal
Features of Middle Eastern Sukuk and its
Latest
Developments
1)Sukuk
Ijara – Structure
2)Sovereign
Sukuk Ijara – Detailed
analysis of Ijara based Structure, Termsheet & Outline Legal Documents
4th
session
3.30
pm – 5.00
pm
Investment Dar Sukuk
Musharaka –
Structure & Termsheet
Paka Capital
Exchangeable Sukuk-
Analysis of
Structure, Term Sheet & Outline Legal Documents
Register now – Enrolment is based on “First
Come First Served Basis”. Complete and Return the Registration Form to:
Address
Muamalah Financial Consulting Sdn Bhd
17-01, First Floor, D’Bayu, Jalan Serambi U8/21,
Bukit Jelutong, 40150 Shah Alam, Selangor.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
Authorised Signatory signature:
Name:
Designation:
Date:
TWO DAY BACK TO BACK NEW COURSES BY MUAMALAH –
DAY
ONE 22 MAY 2013 –
SHARIAH
BASED SUKUK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES(10 SIDC
CPE Pts)
What Sukuk and Islamic Banking will look like if we
structure them from first principles. What they will look like if we stop the
practice of replicating conventional products and structures. How to turn
Shariah compliant products into Shariah based products and achieve benefits for
all.
DAY
TWO 23 MAY 2013 –
SHARIAH
BASED INVESTMENT BANKING PRODUCTS(10
SIDC CPE pts)
Redesigning
the Investment Bank and the Islamic Bank to enable them
to deliver truly Shariah based products. What banks look like when risk is not
a four letter word. Islamic Muamalat demands Islamic players seek risks to
justify rewards. Islamic Muamalat allows Islamic banks to manage business
risks; not money lending risks. Worked out approach on how to conduct practical
Musharakah banking. Due to the universal nature of Islamic
Banking the Course and
principles discussed are just as relevant to the Islamic Bank as it is to the
Islamic Investment Bank
Led by Muhammad
Zahid
Abdul Aziz,all round Islamic Financier
and Internationally Renowned Trainer
Sample of Comments
from Previous Participants
SHARIAH BASED SUKUK
STRUCTURES & SHARIAH BASED
ISLAMIC FINANCING PRINCIPLES(10 SIDC
CPE Pts)
International Financier –“Great work! We now see the big gap between
what is being practiced and what Islamic financing should be.”
Analytics Expert –“Wonderful
Course with good case studies. En
Zahid delivered the subject with great clarity. I fully understand the topics
lectured.”
Financial Journalist
– “ Excellent. Thank you, especially for
the history part,
and the stepby step Musharakah concepts.”
International Lawyer
– “ Excellent course, I will recommend it
to my international contacts.”
Islamic Banking Consultant –
“Excellent coverage of the topics. Good discussion among participants adds
value to the course.”
University Lecturer –
“Excellent in all aspects.”
Executive Vice President,
Investment Bank – “Very good for debt capital market players.”
SHARIAH BASED INVESTMENT
BANKING PRODUCTS(10 SIDC CPE pts)
International Islamic
Financier – “I thought I was an Islamic banker. I now know that I have to
change my mind set and must strive to get the chance to become a true Islamic
Banker.”
Analytics Expert – “I suggest
all Islamic Bankers in Malaysia must attend this course to know the actual
Islamic Banking operations and its requirements.”
Syariah Adviser –
“Recommended for Financial Institutions to attend as it is very important to
really understand the Shariah principles in finance.”
Derivatives Expert – “Thank
you.A very good eye opener on what
Shariah banking should be all about. The Course discussed concepts which are
the very foundation of Islamic Finance. It should not be just conversion of
conventional products. The Course is as relevant to commercial bankers as it is
to investment bankers.”
International Consultant –
“Best Islamic Finance Course I have attended.”
Islamic Finance Arranger – “
Wide coverage of current issues in Islamic Finance as practiced today.”
Researcher – “I am really
thankful to have this training. Very knowledgeable Trainer. I have learnt so
many things. Thank you.”
Payment
Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required
fee.
Authorised
Signatory signature:
Name:
Designation:
Date:
Previous Courses - For Info Only
NEW
COURSES BY MUAMALAH FINANCIAL CONSULTING SDN BHD – Pioneer Islamic Finance
Trainer and de facto Islamic Capital Market Trainer for Malaysia. Now in the 13th
year of service to the Islamic Finance Industry.
WE ARE BACK IN KUCHING!
Led by Muhammad Zahid Abdul Aziz, BA Econs (Exeter) MSc Islamic Banking &
Finance (IIUM), renowned International Trainer and Consultant on Islamic Finance and the Islamic Capital Market
DAY ONE 25 MARCH 2013 – INTRODUCTION TO ISLAMIC
FINANCE @ Kuching Hilton(10 SIDC CPE points)
One day holistic and comprehensive coverage of Islamic
finance from basic principles, sources of hukm, to introduction to the Islamic Capital Market. All generic Islamic banking
principles, products and services from all major jurisdictions will be covered. All professionals need to know about Islamic
Finance in a One Day Course.
DAY TWO 26 MARCH 2013
– SYARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES @Kuching
Hilton (10
SIDC CPE points)
Inter alia reviewing
the full set of Legal Documents of Sukuk Tawarruq. Scrutinising Commodity Murabahah and Musharakah Mutanaqissah Legal Documents.
Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and
Trust Concepts. Common Law vs Civil Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International
Documents. Theory of Contract in Syariah (‘Aqd).
Genuine Comments by Kuching Participants at our Inaugural Islamic Corporate Financing & Islamic Legal Documents
Course Launched at Kuching Hiltonin 2009
"Excellent"
"My colleagues do not know what they're missing by not attending this Course"
" I will inform my colleagues about this Course'
" Please advertise your next Course through our local Bar Association"
Genuine comments by KL Participants
"Contact us, we'll be sending more lawyers" "Quite informative Course" "Very comprehensive especially the precedents
on legal documents" "Good insight on various Islamic Financing concepts and various documentation"
General Comments
by Participants of Courses by Mumalah
En Zahid delivered
the subject with great clarity. I fully understand the topics lectured.”
“Excellent”
En Zahid is
probably the best Islamic Finance Trainer I have encountered.”
“Very knowledgeable
Trainer. I have learnt so many things.”
Venue : Kuching Hilton, Kuching, Sarawak
COURSE FEES
DAY ONE ONLY – INTRODUCTION TO ISLAMIC
FINANCE– RM 850/- PER PARTICIPANT
DAY TWO ONLY – SYARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND
SUKUK STRUCTURES - RM880/- PER PARTICIPANT
COMBINATION FEES
COMBINATION
FEES PER PARTICIPANT
SAVINGS
DAY ONE
RM850
DAY TWO
RM880
BOTH DAYS
RM1500
RM230
REGISTRATION FORM (Copy and paste to Word)
Day
One – Intoduction to Islamic Finance 25 March 2013
Day
Two – Syariah Compliant Legal Documents & Islamic Finance and Sukuk Structures – 26thMarch 2013
Venue : Kuching Hilton Kuching
Register now – Enrolment is based on “First Come First Served
Basis”. Complete and Return the Registration Form to:
Address
Muamalah Financial Consulting Sdn Bhd
17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong,
40150 Shah Alam, Selangor.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
Led by
Muhammad Zahid Abdul Aziz, Director, Muamalah. Renowned Pioneer Islamic Financier and International Trainer.
Hands
on knowledge transfer by experienced practitioner. Insights into rationale and universality of Islamic Finance that rejuvenates
and motivates all players in Islamic finance. Sharing over 20 years of experience and knowledge on how to make our industry
better. Nurturing participants from the basics, mastering the techniques and exploring the intricates.
Shariah
definition of Asset. Bai Muajjal, Bai Musawamah, Murabahah and Bai ‘Amanah. Arkanul bai or pillars of buying and selling.
Syariah compliant and non Syariah compliant sale. Wa’ad, Wa’ad Mulzim, Urbun and Ijarah ‘Ain Mousuffah bil
Thimmah. Jurisdictional differences, bi partite and tripartite transactions.
The decade
we change to Equity based Islamic finance? Shirkatul Milk, Shirkatul Aqd, Shirkatul Inan and Shirkatul Amwal. Basic rules
of Musharakah and Musharakah in practice. The macro rationale for Mudarabah and Musharakah.
Islamic
trade finance, LC Wakalah, LC Murabahah and LC Musharakah. Islamic Pawn Broking as a form of Islamic microfinance, Hibah,
Taweedh, Ibra and Wakalah. Bai Tawarruq, Commodity Murabahah, Musharakah Mutannaqissah. Bai Salam.
How a
typical bank operates; legislative background; how Islamic banks collect deposits; how Islamic banks extend financing. Qardhul
Hasan. Ijarah wa Iqtina, Ijarah Thumma AlBai, Ijarah Muntahiah bil Tamlik.
Primary
and secondary Sources of Hukm, Ijma Qiyas and Maslahah. Contemporary examples of Gharar and Maysir.
INTRODUCTION TO ISLAMIC FINANCE
THEPROGRAMME
8.30 am - Registration
9.00 am – 10.30 am
Overview Of Islamic Financing Concepts
Islamic Banking Act 1983
How does typical
bank operates
The Main Islamic Banking Concepts Applied _
How Islamicbank collect deposits and give financing
Sources of Hukm – Primary and Secondary Sources
Prohibited elements – Riba – rationale for prohibition, Gharar, maisir and haram
Debt Financing
Rules
Loan vs Financing – principal differences
Pillars of Buying
and Selling – Conditions for buyer & seller, Conditions for assets, Conditions for
price, Conditions for ‘Aqd
Types of sale – cash, deferred, by order, cash in advance, urbun, forward sale, void and haram, valid but haram, wa’ad,
wa’ad mulzim
10.30 am – 10.45 am - Morning Break
10.45 am – 1.00 pm
Murabaha vs Musawamah – conditions for valid bai’, specific conditions for Murabaha
Murabaha to the
Purchase Orderer – promise to purchase in Murabaha, transaction structure, murabaha in
practise.
Bai Bithaman
Ajil / Bai Muajjal – steps in BBA transaction, how is it priced, Bi partite vs tri partite
Bai Istisna’ – applicable assets, parallel Istisna’, Istisna’ in practise
Ijara – Characteristics, essentials, Sharia views of typical conventional lease terms, position of takaful expenses
Ijarah Muntahiah
bil Tamlik vs Conventional lease terms, Ijara in practise. Ijara
‘Ain Mousuffah bil Thimmah
Bai Salam, Bai
Inah, Tawarruq, Commodity Murabahah
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
Musharakah – Shirkatul Milk, Shirkatul Aqad, Shirkatul Amwal, Shirkatul Inan, Basic rules of Musharakah, Musharakah
in practise
Mudarabah- basic rules of Mudarabah, Mudarabah in practice
Wakalah-Definition and tenets, Rukun, Wakil to buy, Wakil to sell
SHARIAH COMPLIANT
LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES
Led by Muhammad Zahid Abdul
Aziz – Islamic Finance Pioneer and Practitioner.
State
of play of Islamic banking law after 3 decades. In 1983 Islamic banking was introduced into Malaysia with a minimalist Islamic
Banking Act. Early practice of Islamic banking triggered required changes in other Acts of Parliament to accommodate the progress
of Islamic banking. Today we have almost 3 decades of case laws setting parameters and precedents for Islamic banking and
finance. We also have a new Central Banking Act 2009 which declares the existence of a dual banking system. Is it time for
a revamp of the Islamic Banking Act? To accommodate current rulings and requirements of Islamic banking.
The
Course will discuss what makes legal documents Shariah compliant. Why it needs to be Shariah Compliant. The impact of non
Shariah compliant legal documents vis-à-vis the Islamic Banking Act. Null and void documents. When does ownership transfers
in an Islamic Sale and Purchase Aqad? What is the Aqad clause; why it needs to protected?
How condition
precedents can trigger a conditional sale? The status of conditional sale under Shariah. Theory of Contract
in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose
and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract. Where to place Redemption and Ibra’ clauses? How to avoid the recent BBA controversy. Affirmative akad clauses.
Special requirements of Murabahah akad. Avoid common pitfalls. Draft the Syariah
Compliant Document. Overview of current Islamic banking case laws. Overview of current Sukuk defaults. Are legal risks now greater than
credit risks?
Reviewing
the full set of Legal Documents of Sukuk Tawarruq.
Scrutinising
Commodity Murabahah and Musharakah Mutanaqissah Legal Documents. Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and Trust Concepts. Common Law vs Civil
Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International Documents
THEPROGRAMME
8.30 am - Registration
9.00 am – 10.30 am
Overview of Islamic Financing Concepts
Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions
of Contracts, Classifications of Contracts, Options; and Terminations of Contract.
10.45am – 10.45
am - Morning Break
10.45am – 1.00 pm
Overview of Islamic Financing Legislations Being Islamic in a civil law environment. Contradicting Shariah contradicts Islamic Banking Act and BAFIA as amended for Islamic banking. When complying with
Shariah is required by law.
Review Islamic banking case laws.
Review of new Central Bank Act 2009
Special Shariah Requirements in Islamic Financing Documents. Why and what are financing payable
accounts?Notional marginal deposit accounts? Ta’widh. Which are the akad clauses protecting the akad
clauses?Avoiding drafting a conditional sale. Where to place conditions precedents clause. Where to
place redemption and Ibra’ clauses. Affirmative akad clauses. Special requirements of Murabahah akad
Examination and Summary of Precedent Facility Documentation
For Islamic project financing; Asset acquisition; Working capital facilities; Bridging
and end finance and syndications under concepts of BBA; Istisna; Murabahah; Ijarah ; Inah; Ijarah Muntahiah Bit-tamlik; Wakalah;
Musharakah and Mudarabah;
Review of Commodity Murabahah
Musyarakah Mutanaqissah Co-Ownership Agreement
Examination and Summary of Precedent Security Documentation
Shariah compliant specific charges; Debentures ; Memorandum of deposits; Joint and
several guarantees of directors; Corporate guarantees trust deeds; Agency agreements; Security sharing agreement; Application
of proceeds clauses; Avoidance of interest clauses
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
Sukuk Tawwaruq
Structure; Trust Deed; Subscription Agreement; Security Documents, which includes:-
a. the Assignment
of Finance Service Reserve Account;
b. the Debenture;
c. the Memoranda
of Deposit; and d. the Corporate Guarantees; Priority
and Security Sharing Agreement; Securities Lodgement Form for Central Securities Depository and Paying Agency Services; Sukuk
Murabahah; Commodity Purchase Agreements
Islamic
Medium Term Notes (IMTN) and Legal Documents/Islamic Commercial Papers (ICP) and Legal Documents
Classical Musharakah Sukuk and Legal
Documents
3.15
pm – 3.30pm – Afternoon Break
3.30
pm – 5.00 pm
International
Sukuk and Legal
Documents
Case Studies:
Investment Dar Sukuk Musharakah
Structure ; Term sheet and outline legal documents
Sovereign Sukuk Ijarah Structure;
Term sheet and outline legal documents
Sukuk Issues
General Legal And Documentation Issues
Legal risks; Legal uncertainties; Is Trust concept recognised in local laws?;
SPV’s – can it be
incorporated?SPV Characteristics- independence, bankruptcy remote, which jurisdiction; Common law vs Civil law; Sukuk assets
- can it be transferred? Sukuk assets - tax issues, prohibition on assignments, ownership risks,Listing rules, regulations and tax laws; Which jurisdiction?
Being Shariah Compliant in the Islamic Equity Capital MarketGuidelines and Legislations covering the Islamic
Equity Capital Market;
5.00 pm – End.
PREVIOUS COURSES - FOR REFERENCE ONLY
The Programme Sukuk Islamic Bonds & Securitisation Course
1st
session
9.00 am –
10.30 am
10.30 -11
am Coffee Break
. Principal Features of local Sukuk and
Its Latest Developments.
-Principal features of Sukuk BBA
-Principal features of Sukuk Murabahah
-Principal features of Sukuk IMTN’s
-Principal features of Musyarakah/ Mudharabah Bonds
-Project Gold – Analysing the Structure and Features of Malaysia’s First
Islamic Sovereign Issue.
USD600 million Sukuk Ijarah/
Trust Certificate Issuance on behalf of Malaysia Global Sukuk Inc.
2nd
session
11.00 am –
1 pm
1pm -2pm Lunch
Issuing a Sukuk
1.
Sukuk Issuance from the Issuer’s Perspective.
- Eligibility of projects for Sukuk
Financing.
-Basic criteria for companies to be eligible to issue Sukuk.
-The Rating Process and Significance of Ratings.
-The Issuance Procedure/ Requirements.
-Advisors / Consultants.
-Detailed Costs Breakdown.
-Period taken and timetable to Financial Close.
-Accounting entries for Islamic Bonds.
Complying with Securities Commission’s
Guidelines on Sukuk Issuance.
Concepts,
structure, term sheet, legal documentation, Administrative and Operational procedure and Documents. Eligibility of transacted
asset/project
Islamic
Capital Market Exercises
I)Computing the face value of Primary
and
Secondary notes.
II) Designing an Sukuk Term sheet for a
potential Issuer
3rd
session
2.00 pm –
3.30 pm
3.30 pm -4
pm –Tea Break
Principal Features of Middle Eastern Sukuk and its
Latest Developments
1)Sukuk Ijara – Structure
2)Sovereign Sukuk Ijara – Detailed analysis
of Ijara based Structure, Termsheet & Outline Legal Documents
4th
session
3.30 pm –
5.00 pm
Investment Dar Sukuk
Musharaka – Structure & Termsheet
Paka Capital Exchangeable Sukuk-
Analysis of Structure, Term Sheet & Outline Legal Documents
PREVIOUS COURSES (For record purposes only)
DAY ONE 11 SEPTEMBER 2012
–
SHARIAH BASED SUKUK STRUCTURES AND ISLAMIC FINANCING PRINCIPLES (10 CPE points)
-What Sukuk and Islamic Finance will look like if we structure them from first
principles. What they will look like if we stop the practice of replicating conventional products and structures
Sample of Comments
from Participants of Inaugural Course in July 2012
International Financier –“Great
work! We now see the big gap between what is being practiced and what Islamic financing should be.”
Analytics Expert –“Wonderful
Course with good case studies. En Zahid delivered the subject with great clarity. I fully understand the topics lectured.”
Financial Journalist – “
Excellent. Thank you, especially for the history part, and the stepby step Musharakah concepts.”
International Lawyer – “
Excellent course, I will recommend it to my international contacts.”
Islamic Banking Consultant – “Excellent coverage of the topics. Good discussion among
participants adds value to the course.”
University Lecturer – “Excellent in all aspects.”
Executive Vice President, Investment Bank – “Very good for debt capital market players.”
DAY
TWO 12 SEPTEMBER 2012 – SHARIAH BASED INVESTMENT BANKING PRODUCTS(10 SIDC CPE pts)
-
Redesigning the Investment Bank to enable it to
deliver truly Shariah based products. When risk is not a four letter word. Islamic Muamalat demands Islamic players seek risks
to justify rewards. Understanding the differences between money lending risks and business risks
Sample
of Comments from Participants of Inaugural Course in July 2012
International Islamic Financier – “I thought I was an Islamic banker.
I now know that I have to change my mindset and must strive to get the chance to become a true Islamic Banker.”
Analytics Expert – “I suggest all Islamic Bankers in Malaysia must
attend this course to know the actual Islamic Banking operations and its requirements. En Zahid is probably the best Islamic
Finance Trainer I have encountered.”
Syariah Adviser – “Recommended for Financial Institutions to attend
as it is very important to really understand the Shariah principles in finance.”
Derivatives Expert – “Thank you.A very good eye opener on what Shariah banking should be all about. The Course discussed concepts which are the very
foundation of Islamic Finance. It should not be just conversion of conventional products. The Course is as relevant to commercial
bankers as it is to investment bankers.”
International Consultant – “Best Islamic Finance Course I have attended.”
Islamic Finance Arranger – “ Wide coverage of current issues in Islamic
Finance as practiced today.”
Researcher – “I am really thankful to have this training. Very knowledgeable
Trainer. I have learnt so many things. Thank you.”
Venue : PJ Hilton, Selangor
COURSE FEES
DAY ONE ONLY – SHARIAH BASED SUKUK STRUCTURES AND ISLAMIC FINANCING PRINCIPLES– RM 850/- PER PARTICIPANT
DAY TWO ONLY – SHARIAH BASED INVESTMENT BANKING PRODUCTS - RM950/- PER PARTICIPANT
COMBINATION FEES
COMBINATION
FEES PER PARTICIPANT
SAVINGS
DAY ONE
RM850
DAY TWO
RM950
BOTH DAYS
RM1600
RM200
REGISTRATION FORM (Copy and paste to Word)
Day
One – Shariah Based Sukuk Structures & Islamic Financing Principles 11 September 2012
Day
Two – Shariah Based Investment Banking Products
12
September 2012.
Venue : PJ Hilton Selangor
Register now – Enrolment is based on “First Come First Served
Basis”. Complete and Return the Registration Form to:
Address
Muamalah Financial Consulting Sdn Bhd
17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong,
40150 Shah Alam, Selangor.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
SHARIAH BASED SUKUK STRUCTURES
& SHARIAH BASED ISLAMIC FINANCING PRINCIPLES
(Conducted by Muhammad Zahid Abdul Aziz, Renowned Pioneer in Islamic Capital market)
Financially engineered sukuk structures invite legal issues in default situations. The infamous Sukuk Musharakah
structure that earned AAOIFI’s wrath. Equity principles should not be engineered into debt. The Classical Musharakah
Sukuk as the way forward. Case study and term sheet. How to calculate Musharakah profit sharing ratios. The Classical Mudarabah
sukuk. Shariah based Islamic ABS. The Shariah prohibited structures that led to the subprime and liquidity crisis;
that almost led to the collapse of the international financial system in October 2008.Are Mortgage Backed Securities of the
US subprime fame Syariah compliant? Can Takaful Companies issue Credit Default Swaps? Shariah based Ijarah, Shariah based
Bai’ Amanah, Shariah based Murabahah, Shariah based Bai’ Musawamah, Shariah based Istisna’, Shariah based
Bai’ Muajjal/BBA, Shariah based Salam, and Sukuk Salam, Issues in Sukuk Ijarah - when the Lessee is also the Asset Owner,
when Accounting Entries do not reflect Legal Positions. Legal fictions, legal myths and legal realities. The Shariah based
Sukuk Ijarah. Issues in Musharakah Mutanaqissah- when some Musharakah Partners are more equal than others. Shariah based Tawarruq,
Shariah based Commodity Murabahah.
DATE
11 September 2012
VENUE
PJ Hilton Selangor
Shariah
Based Sukuk and Shariah Based Financing Principles
The Programme
1st
session
9.00
am – 10.30 am
10.30 -11 am Coffee Break
Review Principles of Musharakah
The Financial Engineered Musharakah Sukuk
-Financial Engineered Clauses and AAOIFI rulings
The Classical Musharakah Sukuk
-Parameters of Classical Musharakah Sukuk
-Classical MusharakahSukuk Case Study and
Term Sheet
How to calculate Musharakah Profit Sharing Ratios
2nd
session
11.00
am – 1 pm
Lunch
1pm - 2pm
Classical
Mudarabah Sukuk
-Rationale for Mudarabah
-Classical Sukuk Mudarabah Term Sheet
Syariah
Based Asset Backed Securities
-Basic Structure Of ABS / Credit Enhancement
-Islamic ABS
-Issues of Asset Issues Of Structure
-How To Enhance CreditIslamically
-International Syariah Parameters / The asset to be purchased
Are
mortgage backed securities of the US subprime fame Syariah compliant?
Can
Takaful Companies issue Credit Default Swaps?
3rd
session
2.00
pm – 3.30 pm
3.30 pm -4 pm –Tea Break
Syariah Based Ijarah
-Major
Repairs and Takaful / When can Ijarah begin?
-Who
bears ownership risks?/ Ijarah Muntahiah bil
Tamlik
triggering “Safqatain fi safqah”
-Issues
of inadequate takaful coverage / Can rental
include cost of asset? /
Situations of compulsory
refunds to the Lessee.
Syariah Based Bai Al-Amanah
Syariah Based Murabahah
-Difference
between Classical Murabahah and current
day Murabahah / Ownership
risks / Issues of qabdh /
When is resale possible
/ Wa’ad vs Aqd’/ Avoiding Bai
‘atain fi al-bai’ah
/On goods and tangibles not services.
Syariah Based Bai Musawamah
Syariah Based Istisna’
-Parallel Istisna’
and independence of contracts / Istisna’
Structures -the good, the bad and the ugly
Syariah Based Bai Mu’ajjal / BBA
-Issues
of Qabdh in BBA House Financing
Syariah Based Salam and Salam Sukuk
-The
Shariah based structure vs the financial engineered
structure
Syariah Based Sukuk Ijarah
-Parameters
of Syariah based Sukuk Ijarah / Issues of true sale
and qabdh / Issues
of ownership and tradeability/ Issues of
accounting entries
and balance sheet presentation
4th
session
3.30 pm – 5.00 pm
Syariah Based Musaharakah Mutanaqissah
-Issues
of events of default clauses
Syariah Based Tawwaruq
-Permissible
structure for financing
-Permissible
structure for deposit taking
-Usage
of funds as important as compliant structures.
THIS COURSE IS SIDC-CPE
ACCREDITED:10 POINTS
SHARIAH BASED INVESTMENT BANKING PRODUCTS
(Conducted by Muhammad Zahid Abdul Aziz,
(All round Islamic Financier and internationally renowned Trainer)
The
ideal Islamic Investment Bank structure. When temporary excess liquidity funds a nation’s economic growth. When banking
structures are not conducive to delivery of Shariah based products. Required characteristics of the ideal Islamic Investment
Bank. Investment Banks should invests. Sources of funding. Proposed manpower source. Solving the unemployed graduates problem.
Are moral hazards really insurmountable? The nature of the Musharakah Investment. Innovative new business for Investment Banks.
Business Angel Division, Musharakah Seed and Venture capital, Mezzanine Musharakah. Shariah based investment banking deposits.
Equity instruments to fund equity investments, Business Investment Divisions, Shariah based Corporate Finance Advisory, Shariah
based IPOs, Rights and other issues, Shariah based Private Equity, Shariah based Fund Management, Shariah based Stockbroking,
Shariah based Legal Documents, Position of cross default clauses, automatic ta’weedh and other money lending risk management
clauses in Islamic legal documents. Asset based vs Asset backed issues. Environment
Islamic Finance operates in. The Grip of riba, Environment Islamic finance finds itself in. The Environment it should be working
in. An Islamic Bank according to Islamic Economics, Implementing pillars, principles and parameters of Islamic Economics in
Islamic Finance.
DATE
12 September 2012
VENUE
PJ Hilton, Selangor
ORGANISED BY
Shariah Based Investment Banking Products
The Programme
1st
session
9.00
am – 10.30 am
10.30 -11 am Coffee Break
Ideal Islamic Investment Bank Structure
The Current Scenario –
temporary excess liquidity to fund national development needs / Gaps to be filled.
Required
characteristics of new IIB / Removing the pressure to quickly convert deposits to loans
Investing vs Financing
Sources of Funding
For Musharakah Investment Bank
-Corporate
Sukuk, Retail Sukuk and Mudarabah Investment Deposits
Proposed Manpower Source For Musharakah Investment Bank
-The
failure of current formula
Solutions To Address Moral Hazard Issues Of Investing In Companies
The Nature Of The Musyarakah Investment In The Companies
-An investment
in the capital of the company based on Musharakah
-Is a limited liability company equal to Musyarakah ?
2nd
session
11.00
am – 1 pm
Lunch
1pm - 2pm
Innovative
new business for Investment Banks
-Business Angel Division / Seed and venture capital via Musharakah / Mezzanine Financing via Musharakah
Life
Cycle of a Growing Company.
What
is a Business Angel?
-Track record of Business Angels in other countries compared toVenture
Capital /
Objective of Business Angel Dept /Musharakah in Business Angeling
Seed
and Venture Capital Via Musharakah
-Venture Capital as a Shariah based Investment Banking activity
-Case Study Sukuk Musharakah For Musharakah Investment Bank
Business
Investments Division
Shariah
Based Corporate Finance Advisory
-Examples of Corporate Proposals that include riba, gharar, maysir and haram
Shariah
Based IPOs, Rights and other Issues
Shariah
Based Private Equity
-Shariah based LBO’s / Shariah based Growth Capital
Shariah
Based Fund Management
-Syariah issues on Funds
Shariah
Based Stockbroking
-Characteristics of Syariah based Stockbroking
3rd
session
2.00
pm – 3.30 pm
3.30 pm -4 pm –Tea Break
Shariah Based Legal Documents
-Syariah compliant vs Legal compliant
-Issues in Musharakah Mutanaqissah Agreement
-Security clause; ta’weedh
-Position of Cross Default clauses
-Issues in Ijarah Muntahiah Bil Tamlik Agreement
-Issues in Commodity Murabahah Agreement
Legal Risks and Legal Uncertainties
-Definitions
-Issues
in Sukuk Ijarah
Common Law vs Civil Law
-Implication
to Islamic capital market
Asset Based vs Asset Backed Issues
State of Play for Tamweel; East Cameron Gas
; The Investment Dar
4th
session
3.30 pm – 5.00 pm
Environment Islamic Finance Operates in
-The
Grip of Riba
-The
environment Islamic finance operates in
-The
environment Islamic finance should be operating in
-The
Islamic Bank according to Islamic Economics
-Implication
of Pillars of Islamic Economics to Islamic banks
-Implication
of Principles of Islamic Economics to Islamic banks
-Implication
ofParameters of Islamic Economics to Islamic banks
-Profit
Maximisation vs Human Welfare Maximisation
-Formula
for Human Welfare
-AlGhazali
& AlShatibi and Maqasid Al Shariah
-Objectives
of Shariah on Property
-Implication
to Islamic banks
ISLAMIC EQUITY INSTRUMENTS & ISLAMIC EQUITY CAPITAL
MARKET
(Conducted by Muhammad Zahid Abdul Aziz,
(All round Islamic Financier and internationally renowned Trainer)
Exploring the universe
of Islamic Equity Instruments. What makes an Equity Instrument Islamic? Is Musyarakah the same as a limited liablity company?
Is a venture capitalist a practitioner of Musyarakah? Derivatives vs. Arkanul Bai’, Are Mortgage Backed Securities Syariah
compliant? Are Credit Default Swaps Islamic? Did the Sub Prime Crisis open a window of demand for Islamic investment products?
Is the Islamic Equity Capital Market ready for the upsurge in demand? Is the collapse of the International Economic and Financial
System imminent? Are Islamic Finance and the Islamic Capital Market ready to fill the vacuum?
Are all Preference Shares
acceptable? Is a Musyarakah Sukuk based on Musyarakah? In Islamic ABS should you purchase the debt or the asset?Mudarabah Sukuk and the Sukuk Fund. Is the illiquidity of Islamic Equity Instruments because it is not
popular or because it is too popular? Is Islamic ETF going to be the next instrument of the century? Can your Islamic Fund
invest in Call Warrants, TSR’s, Futures and Index futures? How are indices built up? ETF’s vs Index Funds. Whose
stockscreening rules to follow? Are stockscreening rules permanent? What makes an Islamic stockbroker? Is share trading gambling?
Can an Islamic stockbroker deal in contra trading? Is venture capital equity or debt? What makes venture capital Islamic?
Can Islamic Fund Management rise to the occasion? Or will it remain forever in the peripheries? Are the current clients of
Islamic Funds only Muslims? Has the potential for Islamic Unit Trusts been exhausted? Will Islamic Private Equity be the next
popular capital raiser after Sukuk? CMSA 2007 and SC Guidelines and Practise Notes – being Syariah compliant in the
Equity ICM.
THEPROGRAMME
8.30 am - Registration
9.00 am –
10.30 am
Islamic equity Principles
Mudarabah & Musyarakah- Classical models thereof.
Other Relevant Principles
Syariah Rules on Assets – Are shares and financial instruments assets?,Arkanul Bai’ – Where do derivatives stand?,Wakalah
– Principles and rules,Debt Principles
Prohibited Elements
Riba and Riba transactions –
Forward sale of currencies
Maysir- Are Mortgage Backed Securities Syariah compliant?
Gharar – Are Credit Default
Swaps Syariah compliant?
Haram
10.30 am – 10.45 am - Morning Break
10.45 am – 1.00 pm
Sharia
compliant Equity Instruments
Characteristics required of:
ØOrdinary shares - Is a limited liability company equal to Musyarakah?
ØPreference shares - Are all preference shares Syariah compliant?
ØMusharaka Sukuk- Are all Musyarakah Sukuk
Syariah compliant?, AAOIFI rulings and classical rules
ØMudarabah Sukuk - Are all Mudarabah Sukuk Syariah compliant?
ØIslamic ABS- What makes ABS Islamic?, Purchase the debt vs Purchase the asset
ØIslamic Real Estate Investment Trusts- Basic rules and parameters
ØIslamic Exchange Traded Funds- What makes ETF Islamic?
ØCall Warrants & Transferable Subscription Rights
ØCPO Futures- Are all futures Syariah compliant
ØIndex Futures- Are all index futures Syariah compliant
ØIslamic Indices- How are indices built up?
ØIndex Funds
-What are they?
Stockscreening
ØSyariah Advisory Council Securities Commission of Malaysia
-5%. 10% and 25% benchmarks; core
activities and public perceptions; holdings of newly unapproved counters: rights, bonus and warrants of unapproved counters;
Maslahah, Umum balwa, Urf’
Dow Jones Islamic Market Index,
FTSE Islamic MarketIndex Standard & Poor's Islamic Index
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
Principles
of Islamic Stockbroking
-BursaMalaysia Best
Practises Guidelines for Islamic Stockbroking
-Islamic Margin financing
Islamic
Venture Capital and Musyarakah
-Are these so difficult to implement
-Best Practises
for Islamic Venture Capital Companies
Islamic
Fund Management
-Structures and principles
-Wakalah & Mudarabah
-Islamic Unit Trusts
-SC Guidelines for Islamic Portfolio Fund Management
3.15 – 3.30 – Afternoon Break
3.30 – 5.00 pm
Islamic Private Equity
-Structure
-Procedures
-Statistics
Souq AlSila and Tawwarruq
-Equity or debt?
Being Syariah Compliant in the
Equity ICM
5.00 pm – End
SHARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES
New Course by Muamalah – 10 SIDC CPE
points
Led by Muhammad Zahid Abdul
Aziz – Islamic Finance Pioneer and Practitioner.
State
of play of Islamic banking law after 3 decades. In 1983 Islamic banking was introduced into Malaysia with a minimalist Islamic
Banking Act. Early practice of Islamic banking triggered required changes in other Acts of Parliament to accommodate the progress
of Islamic banking. Today we have almost 3 decades of case laws setting parameters and precedents for Islamic banking and
finance. We also have a new Central Banking Act 2009 which declares the existence of a dual banking system. Is it time for
a revamp of the Islamic Banking Act? To accommodate current rulings and requirements of Islamic banking.
The
Course will discuss what makes legal documents Shariah compliant. Why it needs to be Shariah Compliant. The impact of non
Shariah compliant legal documents vis-à-vis the Islamic Banking Act. Null and void documents. When does ownership transfers
in an Islamic Sale and Purchase Aqad? What is the Aqad clause; why it needs to protected.
How condition
precedents can trigger a conditional sale? The status of conditional sale under Shariah. Theory of Contract
in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose
and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract. Where to place Redemption and Ibra’ clauses? How to avoid the recent BBA controversy. Affirmative akad clauses.
Special requirements of Murabahah akad. Avoid common pitfalls. Draft the Syariah
Compliant Document. Overview of current Islamic banking case laws. Overview of current Sukuk defaults. Are legal risks now greater than
credit risks?
Reviewing
the full set of Legal Documents of Sukuk Tawarruq.
Scrutinising
Commodity Murabahah and Musharakah Mutanaqissah Legal Documents. Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and Trust Concepts. Common Law vs Civil
Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International Documents
THEPROGRAMME
8.30 am - Registration
9.00 am – 10.30 am
Overview of Islamic Financing Concepts
Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions
of Contracts, Classifications of Contracts, Options; and Terminations of Contract.
10.45am – 10.45
am - Morning Break
10.45am – 1.00 pm
Overview of Islamic Financing Legislations Being Islamic in a civil law environment. Contradicting Shariah contradicts Islamic Banking Act and BAFIA as amended for Islamic banking. When complying with
Shariah is required by law.
Review Islamic banking case laws.
Review of new Central Bank Act 2009
Special Shariah Requirements in Islamic Financing Documents. Why and what are financing payable
accounts?Notional marginal deposit accounts? Ta’widh. Which are the akad clauses protecting the akad
clauses?Avoiding drafting a conditional sale. Where to place conditions precedents clause. Where to
place redemption and Ibra’ clauses. Affirmative akad clauses. Special requirements of Murabahah akad
Examination and Summary of Precedent Facility Documentation
For Islamic project financing; Asset acquisition; Working capital facilities; Bridging
and end finance and syndications under concepts of BBA; Istisna; Murabahah; Ijarah ; Inah; Ijarah Muntahiah Bit-tamlik; Wakalah;
Musharakah and Mudarabah;
Review of Commodity Murabahah
Musyarakah Mutanaqissah Co-Ownership Agreement
Examination and Summary of Precedent Security Documentation
Shariah compliant specific charges; Debentures ; Memorandum of deposits; Joint and
several guarantees of directors; Corporate guarantees trust deeds; Agency agreements; Security sharing agreement; Application
of proceeds clauses; Avoidance of interest clauses
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
Sukuk Tawwaruq
Structure; Trust Deed; Subscription Agreement; Security Documents, which includes:-
a. the Assignment
of Finance Service Reserve Account;
b. the Debenture;
c. the Memoranda
of Deposit; and d. the Corporate Guarantees; Priority
and Security Sharing Agreement; Securities Lodgement Form for Central Securities Depository and Paying Agency Services; Sukuk
Murabahah; Commodity Purchase Agreements
Islamic
Medium Term Notes (IMTN) and Legal Documents/Islamic Commercial Papers (ICP) and Legal Documents
Classical Musharakah Sukuk and Legal
Documents
3.15
pm – 3.30pm – Afternoon Break
3.30
pm – 5.00 pm
International
Sukuk and Legal
Documents
Case Studies:
Investment Dar Sukuk Musharakah
Structure ; Term sheet and outline legal documents
Sovereign Sukuk Ijarah Structure;
Term sheet and outline legal documents
Sukuk Issues
General Legal And Documentation Issues
Legal risks; Legal uncertainties; Is Trust concept recognised in local laws?;
SPV’s – can it be
incorporated?SPV Characteristics- independence, bankruptcy remote, which jurisdiction; Common law vs Civil law; Sukuk assets
- can it be transferred? Sukuk assets - tax issues, prohibition on assignments, ownership risks,Listing rules, regulations and tax laws; Which jurisdiction?
Being Shariah Compliant in the Islamic Equity Capital MarketGuidelines and Legislations covering the Islamic
Equity Capital Market;
5.00 pm – End.
PREVIOUS
COURSES -
FOR
INFORMATION ONLY
1) Introduction to Takaful
JV Course
: Malaysian Institute of Accountants & Muamalah Financial Consulting Sdn Bhd. Date : 31st January 2012 Location
: Concorde Hotel KL Price : RM600 Speaker : Muhammad Zahid Abdul Aziz CPE points : Not accredited by SIDC-CPE 8
CPE hours for MIA-CPE
Who Should Attend • Commercial, investment, retail, merchant and Islamic bankers •
Corporate Finance and Banking Personnel • Product Development Structurers • Syariah Advisers and Officers •
Lawyers • Accountants and Auditors • Corporate and Financial Advisers • Business and Finance Managers •
New Entrants and Existing Officers/Managers of the Takaful Industry/Insurance Industry Personnel • All SC Licensed
Reresentatives including Compliance Personnel • All Legal Departments of Banks, Corporate and Governmentt Agencies •
All who are interested in drafting Syariah-compliant legal documents
View Brochure and download Registration Form here :
Pioneer All round Islamic Financier and renowned International Lecturer)
Led by Muhammad Zahid Abdul Aziz, Director, Muamalah. Renowned Pioneer in Islamic Capital Market
Instruments.
Overview
Islamic Financing Concepts.Overview Islamic Capital Market.
Basics
of Sukuk.
Principles
of Rescheduling, Restructuring and Refinancing of Islamic Facilities
Review
of ‘akad of Buying and Selling (Bai’), Rescheduling, Restructuring
and Refinancing of Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated
.Facilities. Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic Bonds into Equity Instruments
Hands
On Case Studies
Rescheduling a defaulted Islamic Debt Facility .
Rescheduling Tranche One of a Three Tranche Sukuk BBA restructure.Original Akad based on oneindivisible Asset
Preparing a Section 176 Syariah Compliant Proposal for consideration of 1)
Islamic BBA Financiers 2) IMTN Investors within context of a Section 176 Scheme
of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities. Recomputed Debt. Conditional Waiver
and Haircut. Clawback to Scheme Debt. Extension of tenor. Syariah issues and solutions.
Legal documents and role of trustee.
Overview ofSukuk meltdown. Legal risks
supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk
Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue.
THE PROGRAMME
8.30 am - Registration
9.00
am – 10.30 am
Overview Islamic FinancingConcepts
Debt Financing
Detailed explanation about the concepts of Debt Financing
Equity Financing
Detailed explanation
about the concepts of Equity Financing –
Other Islamic Financing
Concepts
Detailed explanation about other relevant concepts –
Overview Islamic Capital
Market
Definition of Islamic Capital Market
Riba’, Maisir and Gharar as prohibited elements
Definition, Sources, Objectives and General Legal
Maxim of Sharia
Basics of Sukuk
§.Definition of Sukuk, Differences
with Conventional Bond, Uqud Ishtirak, Uqud Mu’awadhat, Sukuk Ijara, Sukuk Musharaka,Sovereign Sukuk and Asset Based
Sukuk. Review of Sukuk BBA Structure. Review of Sukuk Murabahah/ IMTN Structure
10.30 am – 10.45 am - Morning Break
10.45 am – 1.00 pm
Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities
Review of ‘akad
of Buying and Selling (Bai’),Rescheduling, Restructuring and Refinancingof
Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated .Facilities.
Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic Bonds
into Equity Instruments
Case Study One-
Rescheduling a defaulted Islamic Debt Facility
Case Study Two –
Rescheduling Tranche One of a Three Tranche Islamic Bond restructure.
Original Akad based on oneindivisible Asset
1.00 pm – 2.00 pm – Lunch
2.00
pm - 3.15 pm
Case Study Three
–
Preparing a Syariah Compliant Proposal for consideration of Islamic
BBA Financiers within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and
Islamic Facilities. The Scheme of Arrangement stipulates a ‘principal” amount at a certain date to which a formula
will be applied to arrive at a Recomputed Debt. The formula include inter-alia a conditional waiver or haircut premised on
compliance with new scheme failing which a full claw back to Scheme Debt is stipulated. Extension of tenor and rescheduled
servicing dates. Syariah Issues and solutions. Legal documents and role of trustee.
3.15 – 3.30 – Afternoon Break
3.30 – 5.00 pm
Case Study Four
Preparing a Syariah Compliant
Proposal for consideration of Islamic Medium Term Notes (IMTN) Investors within context of a Section 176 Scheme of Arrangement
Explanatory Statement that covers both conventional and Islamic Securities Issuances. The Scheme of Arrangement stipulates
a ‘principal” amount at a certain date to which a formula will be applied to arrive at a Recomputed Debt. The
formula include inter-alia a conditional waiver or haircut premised on compliance with new scheme failing which a full claw
back to Scheme Debt is stipulated. Extension of tenor and rescheduled servicing dates. Syariah Issues and solutions.Legal documents and role of trustee
Sukuk
Meltdown
Legal risks supersedes credit
risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk Assets or mere
Creditors? Legal framework and international legislative infrastructure long overdue
5.00 pm – End
PAST COURSES ( For Information only)
1) @ PJ HILTON
DAY ONE 27 JULY 2011 – ISLAMIC EQUITY
INSTRUMENTS & ISLAMIC EQUITY CAPITAL MARKET(10 SIDC CPE points)
DAY
TWO 28 JULY 2011 – INTERNATIONAL ISLAMIC ASSET BACKED SECURITIES (10 SIDC CPE Points)
2) @MELIA KL
20th & 21st JULY 2011 TWO DAY INTERNATIONAL SUKUK WORKSHOP (JV WITH MALAYSIAN INSTITUTE OF
ACCOUNTANTS) (10 SIDC CPE Points) (16 MIA CPE Points)
-A
prerequisite subject for Islamic Finance & Investment, and all Professionals.
With the current woes of the international
financial and economic system, the subject provides a hope for mankind of what it could be.
Very well received by Participants at Course’s
inaugural launch in March 2011.
What is Islamic
Economics?
The Missing Pre
Requisite Subject for a true understanding of the riba free Islamic banking system. The puzzle the Islamic banking jigsaw fits in. An Islamic Financier’s
contribution to the Islamic Economist’s model of the Islamic Financial System. Religion and Economics.The western economists’
return to religion. Quran, Sunnah and economics. Production, distribution and consumption as acts of worship. Unregulated growth or distributive justice;
unethical wealth or moral preservation The Islamic Financial System. Prohibition of riba by legislation. What do banks look like in a no riba economy. Remoulding of bankers
into equity investment managers.Debunking
the rental of money concept. Central banking in a riba free environment.The qirad driven economy. Money creation under fractional reserve banking
– will it remain in a riba free system? Guarantee of debt payments by the state – implications to the Islamic Financial system
The Islamic Economic System. God is owner; man is trustee.
Cost benefit analysis
to the
hereafter. Things individuals cannot own. Justice to factors of production. No classes of human beings; Zakah, qirad, far’aid and hisbah,
Reshaping
the theory of consumer
behaviour. Resolving the mismatch of the savings vs investment decision.When the unmonied have no clout to give market signals
The Economic Behaviour of
Men
– Beautified is wealth. Economics of imperfect foresight. God is owner; life is a test. Stocktake of rizq.
Objectives of Islamic Economics
– Finding
AlFalah. Maximising human welfare in place of profit maximisation Equitable distribution of wealth, not equal distributionof wealth. Right of community in individual’s
wealth.
Macro
economic policies in an Islamic Economy. Mudarabah profit sharing ratios as a monetary policy; zakah as a fiscal policy
THEPROGRAMME
8.30 am - Registration
9.00 am – 10.30 am
INTRODUCTION
RELIGION
AND ECONOMICS Scholastic economics and political economics; Detachment of economics from religion; Positive economics vs. normative
economics; Return to religion and humanomics; Economics is part of religion; Quran and economics; Shu'aib – the Prophet
of economics. RELATIONSHIP OF ISLAM WITH ECONOMICS
Unique approach to economics; Production, distribution
and consumption as acts of worship THE
ECONOMIC SYSTEMPhilosophy; Principles; Interaction of principles; Economic philosophy
of Marxism; Economic philosophy of Capitalism; Laissez faire, and the invisible hand; unregulated growth
or distributive justice; individual freedom or safety of society; unethical wealth
or moral preservation
10.30 am – 10.45 am - Morning Break
10.45 am – 1.00 pm
THE ISLAMIC
ECONOMIC SYSTEM
Basic characteristics; Prohibition of riba by
legislation; Deliberately value loaded; God is owner, man is trustee; Cost benefits analysis to the hereafter; No classes
of human beings; Things individuals cannot own; Justice to factors of production; Zakah, Qirad, Far’aid and Hisbah;
Reshaping the theory of consumer behaviour; Resolving the mismatch of the savings vs investment decision; When the unmonied
have no clout to give market signals The
Economic Behaviour of Men;Beautified
is wealth; Economics of imperfect foresight; The disutility of Consumption; The interdependence of consumer utilities Islamic tenets and economic behaviour God is owner, life is a test; Stocktake of rizq; Reporting requirements of the balance
sheet of life
An Islamic
Social Welfare Function Production and profits are not ends, but means to an end.; Human welfare as the ultimate economic objective
AlGhazali and
AlShatibi and the goals of human life; Masalih and mafasid; AlDharuriyyat, AlHajiyyat, AlTahsiniyyat; Equitable distribution
of wealth, not equal distribution of wealth; Right of community in the individual’s wealth; Maqasid Syariah
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
MACROECONOMIC
POLICIES IN AN ISLAMIC ECONOMIC SYSTEM
Defining the
parameters of the Islamic Financial System; What do banks look like in a no riba economy? The shape of business in a no riba
economy; Financial and business transactions in a no riba economy; Will chequing accounts still exist?
Decoupling of
the payment system; Remoulding of bankers into equity investment managers; Debunking the rental of money concept; Central
banking in a riba free environment; The qirad driven economy; Money creation under fractional reserve banking ; will it remain
in a riba free system? Guarantee of debt payments by the state- implications to the Islamic financial system
Macroeconomic
policy objectives
AlFalah and
Islamic economic objectives
Monetary
Policies in an Islamic economy targeting monetary stock; Mudarabah profit sharing ratios; Open market operations in an Islamic economy; Credit ceilings and open deposit accounts
3.15 – 3.30 – Afternoon Break
3.30 – 5.00 pm
Fiscal policies
in an Islamic economy
Zakah as a fiscal redistributive
policy
Does taxation
exist in an Islamic economic system?
The focus of
government expenditure
Interactive
Session
Case study,
brain storming and group presentations
5.00 pm – End
INTERNATIONAL ISLAMIC ASSET BACKED SECURITIES (10
CPE Points)
-Internationalising
Malaysian Islamic Securities. Designing structures that appeals to International Muslim Investors whilst securing traditional
support from local investors.
Led by Muhammad Zahid Abdul Aziz renowned International Trainer and Consultant
on Islamic Finance and the Islamic Capital Market
Address
Muamalah Financial Consulting Sdn Bhd
17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong,
40150 Shah Alam, Selangor.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
Authorised Signatory signature:
Name:
Designation:
Date:
THIS COURSE IS SIDC-CPE
ACCREDITED:10 POINTS
INTRODUCTION TO TAKAFUL (Not accredited for SIDC-CPE)
-Basic working
knowledge on Takaful for all professionals Everything you’ve always wanted to know about Takaful.
Led by Muhammad Zahid Abdul Aziz renowned all round Corporate Financier, Consultant and Trainer
Address
Muamalah Financial Consulting Sdn Bhd
17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong,
40150 Shah Alam, Selangor.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
Authorised Signatory signature:
Name:
Designation:
Date:
THIS COURSE IS SIDC-CPE
ACCREDITED:10 POINTS
INTRODUCTION TO ISLAMIC ECONOMICS
(Conducted by Muhammad Zahid Abdul Aziz,
Pioneer All round Islamic Financier and renowned International Lecturer)
What is Islamic
Economics?
The Missing Pre
Requisite Subject for a true understanding of the riba free Islamicbanking
system. The puzzle the Islamic banking jigsaw fits in. An Islamic Financier’s contribution to the Islamic Economist’s
model of the Islamic Financial System.
Religion and Economics.The western
economists’ return to religion. Quran, Sunnah and economics. Production,
distribution and consumption as acts of worship. Unregulated growth or distributive
justice; unethical wealth or moral preservation
The Islamic Financial System.
Prohibition of riba by legislation. What do banks look like in a no riba economy.
Remoulding of bankers into equity investment managers.Debunking the rental of money
concept. Central banking in a riba free environment. The qirad driven economy.
Money creation under fractional reserve banking – will it remain in a riba free system?
Guarantee of debt payments by the state – implications to the Islamic
Financial system
The Islamic Economic System.
God is owner; man is trustee. Cost benefit analysis to the hereafter. Things individuals
cannot own. Justice to factors of production. No classes of human beings;
Zakah, qirad, far’aid and hisbah, Reshaping the theory of consumer behaviour. Resolving
the mismatch of the savings vs investment decision. When the unmonied have no
clout to give market signals
The Economic Behaviour of Men
– Beautified is wealth. Economics of imperfect foresight. God is owner;
life is a test. Stocktake of rizq.
Objectives of Islamic Economics –
Finding AlFalah. Maximising human welfare in place of profit maximisation
Equitable distribution of wealth, not equal distribution of wealth. Right of community
in individual’s wealth.
Macro economic policies in an Islamic
Economy. Mudarabah profit sharing ratios as a monetary policy; zakah as a fiscal policy
RELIGION AND ECONOMICS Scholastic economics and political economics; Detachment of
economics from religion; Positive economics vs. normative economics; Return to religion and humanomics; Economics is part
of religion; Quran and economics; Shu'aib – the Prophet of economics. RELATIONSHIP
OF ISLAM WITH ECONOMICS
Unique approach to economics; Production, distribution and consumption
as acts of worship THE ECONOMIC SYSTEMPhilosophy; Principles; Interaction of principles; Economic philosophy of Marxism; Economic
philosophy of Capitalism; Laissez faire, and the invisible hand; unregulated growth or distributive justice; individual freedom or safety of society; unethical wealth or moral preservation
10.30 am – 10.45 am - Morning Break
10.45 am – 1.00 pm
THE ISLAMIC ECONOMIC SYSTEM
Basic characteristics; Prohibition of riba by legislation; Deliberately value loaded;
God is owner, man is trustee; Cost benefits analysis to the hereafter; No classes of human beings; Things individuals cannot
own; Justice to factors of production; Zakah, Qirad, Far’aid and Hisbah; Reshaping the theory of consumer behaviour;
Resolving the mismatch of the savings vs investment decision; When the unmonied have no clout to give market signals The Economic Behaviour of Men;Beautified is wealth; Economics of imperfect foresight; The disutility of Consumption;
The interdependence of consumer utilities Islamic tenets and economic behaviour God is owner, life is a test; Stocktake of rizq; Reporting requirements of the
balance sheet of life
An Islamic Social Welfare Function Production and profits are not ends, but means to an end.; Human welfare as the ultimate economic objective
AlGhazali and AlShatibi and the goals of human life;
Masalih and mafasid; AlDharuriyyat, AlHajiyyat, AlTahsiniyyat; Equitable distribution of wealth, not equal distribution of
wealth; Right of community in the individual’s wealth; Maqasid Syariah
1.00 pm – 2.00 pm – Lunch
2.00 pm - 3.15 pm
MACROECONOMIC POLICIES IN AN ISLAMIC ECONOMIC SYSTEM
Defining the parameters of the Islamic Financial System; What do banks look like in a no riba
economy? The shape of business in a no riba economy; Financial and business transactions in a no riba economy; Will chequing
accounts still exist?
Decoupling of the payment system; Remoulding of
bankers into equity investment managers; Debunking the rental of money concept; Central banking in a riba free environment;
The qirad driven economy; Money creation under fractional reserve banking ; will it remain in a riba free system? Guarantee
of debt payments by the state- implications to the Islamic financial system
Macroeconomic policy
objectives
AlFalah and Islamic economic objectives
Monetary
Policies in an Islamic economy targeting monetary stock; Mudarabah profit sharing ratios; Open market operations in an Islamic economy;
Credit ceilings and open deposit accounts
3.15 – 3.30 – Afternoon Break
3.30 – 5.00 pm
Fiscal policies in an Islamic economy
Zakah as a fiscal redistributive policy
Does taxation exist in an Islamic economic system?
The focus of government expenditure
Interactive Session
Case study, brain storming and group presentations
5.00 pm – End
.
THE PROGRAMME
This Course, will provide a missing perspective to hinge our knowledge of Islamic Banking and
Takaful and similar. Drawing on basic concepts of Islamic Economics the participants will gradually be drawn to the humanist
aspects of the subject, replacing profit maximisation with human welfare, and replacing the invisible hand with deliberate
engineering to achieve distributive justice for the world’s poor. Whilst reexaminingexisting assumptions, practical aspects of monetary and fiscal policies in an Islamic economy is deliberated on. With
the current woes of the international financial and economic system, the Course provides a hope for mankind of what it could
be.
THE PARTICIPANTS
qAll Islamic
Finance & Investment Professionals.
qInvestment
bankers, commercial bankers, development bankers, Islamic bankers, Central bankers,Product developers, Shariah advisers, Corporate bankers, Corporate Finance Advisers,
qEconomists
and Research Personnel, Syariah Advisers and Officers, Lawyers, Accountants, Corporate Advisers, Financial Advisers, Business
Managers, Finance Managers
qLecturers
and post graduate students
qGeneral Managers/Managers/ Officers of Corporate Organizations,SEDC’s, State Agencies, Departments and Corporations;
qDirectors of Listed/ Unlisted Companies
qAccountants / Auditors; and
qIndividuals / Entrepreneurs.
qAll who are interested in drafting Syariah compliant legal documents
THE ORGANIZER
Muamalah Financial Consulting Sdn Bhd (“Muamalah”)
comprises a team of former Islamic Bankers with a combined experience of over 30 years in Islamic Banking. To date Muamalah
have conducted the following training Courses/ Seminars/ Workshop to the Financial Industry:
In-house Course on Islamic Syndications, Securitisation
and Legal Aspects for Alliance Merchant Bank Bhd
In-house Islamic Trade Finance Course for Public BankBhdIn-house Islamic Capital Market Workshop
for Bank Islam (M) Bhd, Hong Leong Bank Bhd and Malaysian International
Merchant Bankers Berhad
Public Islamic
Bonds & Islamic Capital Market Course, M Hotel, Singapore- In House Syariah Broking Course for Permodalan Nasional
Berhad and Bursa Malaysia Bhd. In House for Maybank Investment Bank on Fundamental Muamalat for Islamic Finance & Investment Practitioners Course. In-house Islamic Finance and Islamic
Capital Market Course for EPF and JB Corp. Joint venture Courses with Sabah Law Association,Penang Bar Committee and the Malaysian Institute of Accountants
INVESTMENT
RM850 per participant. Fee is inclusive
of lunch, refreshments and course materials. Organizations, which send four or more participants to the Course, shall be eligible for a 10% discount across the
board. Special price of RM500 only for all Academicians and Students with Matric
cards.
PAYMENT
Payment should
be made by crossed cheque/ bank drafts payable to Muamalah Financial Consulting Sdn Bhd. Receipt will be issued upon receipt
of payment. All payment to be paid at least a week before the course date.
CANCELLATION & TRANSFER
A replacement is allowed should a participant is unable to attend. For cancellation received
in writing within one week prior to the course date, a 50% refund will be given to the participant. Fees will be refunded
in full if written notice of withdrawal is received more than two weeks prior to the course date.
SPEAKERS’ PROFILE
Muhammad Zahid Abdul Aziz
Director, Muamalah
Financial Consulting
Sdn Bhd.
Muhammad Zahid Abdul Aziz holds a Bachelor’s Degree in Economics
from University of Exeter, United Kingdom.
After graduating in 1977, he joined an International Accounting Firm, Arthur Young & Co. London office. He returned to Malaysia
in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered
and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Islamic Bond Issuance. His last post
at Bank Islam was Senior Manager, Corporate Financing Dept, He has arranged over RM6.0 billion in Islamic Bond Issues during
his tenure at Bank Islam. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd, a firm specialised
in training and arranging of Islamic financing. He has just returned from Riyadh where he was Islamic Capital Market Consultant to Bank AlBilad.
He is presently a post graduate student in Islamic Finance at the International Islamic University Malaysia and at other times
an internationally renowned lecturer in Islamic Finance and similar subjects having taught in Dubai, Saudi Arabia, Korea,
Brunei, Indonesia and Singapore.
Organisations
Which Have Sent Participants To Our Previous Courses/ Seminars/ Workshops:
Bank Islam Malaysia
Bhd., Bank Muamalat Malaysia Bhd., Bank Negara Malaysia,
Securities Commission of Malaysia, BursaMalaysia, Islamic Banking and Finance Institute of Malaysia, Labuan Offshore Financial Services Authority. Islamic
Bank of Brunei, Islamic Development Bank of Brunei,Brunei LNG,Shell Malaysia,
Monetary Authority of Singapore, Majlis Ugama Islam Singapura, Emirates Global Islamic Bank Ltd, State Bank of India, Plentytrak
Pty Ltd Australia, Adl Capital Ltd (Sri Lanka), Kuwait Finance House, Asian Finance Bank,Citibank (M) Bhd, Telekom Malaysia,
Affin Investment Bank, RHB Investment Bank, Muamalat Invest, Affin Islamic Bank, AM Investment Bank, Maybank Investment Bank,
Eon Investment Bank, Alliance Investment Bank, Deutschebank, , CIMB Investment Bank, OSK Investment Bank, KAF Investment Bank,
Southern Investment Bank,Public Investment Bank,K&N Kenanga Investment Bank, HongLeong Islamic Bank, CIMB Islamic Bank,
Ambank Islamic Bank,Eoncap Islamic Bank, RHB Islamic Bank, Maybank Islamic Bank,SME
Bank, Prudential Fund Management,BN Paribas Capital, Sarawak SEDC, Kuching
Water Board, CMS Trust Management Bhd, Permodalan ASSAR Bhd, RHB Bank, Sulong & Sinsua, Sulong & Co, Ng & Anuar.,
Shearn Delamore & Co., Southern Bank, MAA Corporate Advisory., Ain Medicare., Tenunan Budi., Affin Discount ., Bimsec
Asset Management ., Leader Universal Holdings., Albar & Partners, A.B. Sidek & Co., Lembaga Tabung Haji, Air Kelantan,
Offshore Works., KM Chye & Murad, ., Ingress Corporation., Ranhill Utilities ., Affin Bank ., Abdullah Abdul Rahman &
Co., Nik Hisham, Ainul Azam & Fakihah, Hisham Sobri & Kadir, Raslan Loong, Zain & Co., Kumpulan Prasarana Rakyat
Johor., CIMB, Ambank Islamic Banking Division, Pacific Alliance Capital , Wong & Partners, RHB Securities, Standard London
(Asia) , JPMorgan (M) , Commerce Asset Fund Managers , Bumiwerks Capital Management , PricewaterhouseCoopers, Azmi & Associates,
Hong Leong Bank , Phillip Capital Management , Nomura Advisory Services (M) , Ghazi & Lim, JMF Asset Management , BIMB
Securities ,RHB Asset Management , HSBC Bank (M) , TAMCO Corporate Holdings
, SBB Securities, Nam Fatt Corporation , Lee Choon Wan & Co, Bank Kerjasama Rakyat (M) , , Malaysian Resources Corporation
Bhd, JF APEX Securities, , Redmax, BIMB Unit Trust Management, Ambank Group, Lityan Systems , Pheim Asset Management , Perkasa
Normandy Holdings , Amanah SSCM Asset Management , OCBC Bank (M) , Raja Darry & Loh, Ranhill Bhd, Felcra, HLG Unit Trust,
HLG Asset Management, Malakoff, Ayer Hitam Planting Syndicate, SBB Mutual, Asiatic Development, Amfutures , K&N Kenanga
Holdings, KL City Securities, Mayban Ventures Sdn Bhd, Shell Gas & Power (Singapore), SHH Resources Holdings Bhd, Affin
Fund Management Sdn Bhd, K&N Kenanga Bhd,, Berjaya Group Bhd, Pengurusan Danaharta Nasional Bhd, Saujana Consolidated
Bhd, MIDF Bhd, Hap Seng Consolidated Bhd, Mayban Securities Sdn Bhd, Mayban Investment Management Sdn Bhd Eng Teknologi Holdings
Bhd, Dunham-Bush (M) Bhd, BH Global Advisers Sdn Bhd, HSBC Asset Management Spore Ltd, OCBC Asset Management Ltd, Ong First
Pte Ltd, ST Asset Management Pte Ltd, Aberdeen Asset Management, CMS Asset Management, Kenanga Asset Management, Boustead
REIT Managers, Dass Jainab.
INTRODUCTION TO TAKAFUL
(Conducted by Muhammad
Zahid Abdul Aziz,Pioneer Islamic Financier and renowned International Lecturer)
What is Takaful?
Insurance vs. Takaful, Basic
Similarities and Differences.
Why is Insurancenot Syariah Compliant?
Structure of an Insurance Transaction, Arkanul Bai’- Pillars of Buying and Selling Aqd, What is Gharar? Gharar vs Risk.
What is Riba’, Maysir and Haram?
What is the Takaful Transaction? Basic
Formula of Takaful. Concept and Origin of Takaful
EssentialContracts in Takaful,
Contracts in Islamic Law, Definition of Aqd, Classifications of Aqd,
Contractual Relations in Takaful, Between
Participants, Tabarru’ and Ta’awun,Between Participants and the Takaful Operator,Mudarabah in Takaful, Wakalah
in Takaful, Ju’alah in Takaful, Wadiah Yad Dhamanah in Takaful, Waqf in Takaful, Underwriting Surplus- Definition and
Issues, Combination of Contracts in Takaful, Operational Models,
Conventional Operational Model vs Takaful
Operational Model
Types of Takaful Operational Models-Pure
Cooperative Model, Pure Mudarabah Model, Modified Mudarabah Model, Pure Wakalah Model, Modified Wakalah Model, Wakalah Mudarabah
Model, Waqf Model,
Takaful Products, General
and Family Products. Industry examples of Fire Takaful, Health Takaful, House Takaful & Motor Vehicle Takaful. Industry
example of Family Takaful. Participant’s Special Account (PSA), Participant’s Personal Account (PA), Tabarru’
Fund. Mortgage Takaful.General Operational Model vs Family Operational Model.
Regulatory Aspects of Takaful-Overall
Regulatory Framework, Takaful Act 1984, Syariah Framework, Malaysian Takaful Association, Authorised Malaysian Assets, Conflict
with Other Laws, Margin of Solvency, Minimum Paid Up Capital,
Takaful Industry-Statistics and Players, Global
vs Local
Comparative Statistics- Takaful vs
Insurance,
Retakaful, What is Retakaful? Basic
Retakaful Structure, Treaty Retakaful vs Facultative Retakaful, Proportionate vs Non-Proportionate Treaties.
DATE
9th March 2011
VENUE
PJ Hilton, Selangor
ORGANISED BY
Muamalah Financial Consulting
Sdn. Bhd
17-1, First Floor, D’Bayu,Jalan
Serambi U8/21,
Bukit Jelutong, 40150 Shah Alam, Selangor
Tel: 03-78425187, 012212
5405
Fax: 03 7847 3214, 78425201,
Email: muamalah_consulting@hotmail.com
Website http://muamalahconsulting.tripod.com
THE PROGRAMME
This Course, will provide a solid grounding in Takaful including Syariah principles and commercial
considerations. It will provide professionals with a solid grasp of takaful to enable them to address takaful in their working
life. It also forms an excellent introductory course to new entrants to the Takaful industry. From basic concepts to operational
models the Course will expand to a discussion of the features of latest industry products and takaful regulatory aspects.
THE PARTICIPANTS
qCommercial bankers, Investment bankers,
Islamic bankers, Corporate Finance personnel, Corporate banking personnel, Retail bankers, Product Development Structurers,
Syariah Advisers and Officers,Lawyers, Accountants, Corporate Advisers, Financial Advisers, Business Managers, Finance Managers
qNew Entrants and Existing Officers/Managers
of the Takaful Industry./Insurance Industry personnel
qAll SC Licensed Representatives including
Compliance personnels
qAll Legal Practitioners, Takaful &
Islamic Banking Panel Lawyers, AllLegal Departments of Banks, Corporates
and Govt Agencies
qGeneral
Managers/Managers/ Officers of Corporate Organizations,SEDC’s, State
Agencies, Departments and Corporations;
qDirectors
of Listed/ Unlisted Companies
qAcademics
Consultants and Researchers
qIslamic
Banking Officers/ Managers
qInvestment
Bankers / Merchant Bankers;
qAccountants
/ Auditors; and
qIndividuals
/ Entrepreneurs.
qAll
who are interested in drafting Syariah compliant legal documents
THE ORGANIZER
Muamalah Financial Consulting Sdn Bhd (“Muamalah”) comprises a team of former Islamic
Bankers with a combined experience of over 30 years in Islamic Banking. To date Muamalah have conducted the following training
Courses/ Seminars/ Workshop to the Financial Industry:
In-house Course on Islamic Syndications, Securitisation and Legal Aspects for Alliance Merchant Bank Bhd
In-house Islamic Trade Finance Course for Public BankBhdIn-house Islamic Capital
Market Workshop for Bank
Islam (M) Bhd, Hong Leong Bank Bhd and Malaysian International Merchant Bankers Berhad
Public Islamic Bonds & Islamic Capital Market Course, M Hotel, Singapore- In House
Syariah Broking Course for Permodalan
Nasional Berhad and Bursa
Malaysia Bhd. In House for Maybank Investment Bank on Fundamental Muamalat for Islamic Finance & Investment
Practitioners Course. InHouse Islamic Finance and Islamic Capital Market Course for EPF and JB Corp. Joint venture Courses
with Sabah Law Association,Penang Bar Committee and the Malaysian Institute
of Accountants.
INVESTMENT
RM850 per participant. Fee is inclusive of lunch, refreshments and course materials. Organizations, which send four or more participants to the Course, shall be eligible for a 10% discount
across the board. Special price of RM500 only for all Academicians and Students with Matric cards.
PAYMENT
Payment should
be made by crossed cheque/ bank drafts payable to Muamalah Financial Consulting Sdn Bhd. Receipt will be issued upon receipt
of payment. All payment to be paid at least a week before the course date.
CANCELLATION &
TRANSFER
A replacement is allowed should a participant is unable to attend. For cancellation received
in writing within one week prior to the course date, a 50% refund will be given to the participant. Fees will be refunded
in full if written notice of withdrawal is received more than two weeks prior to the course date.
SPEAKERS’ PROFILE
Muhammad
Zahid Abdul Aziz
Director, Muamalah Financial Consulting
Sdn Bhd.
Muhammad Zahid
Abdul Aziz holds a Bachelor’s Degree in Economics from University of Exeter,
United Kingdom. After graduating in 1977, he joined an International
Accounting Firm, Arthur Young & Co. London office. He
returned to Malaysia in 1982 and joined
Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered and helped develop
Islamic Corporate Banking specializing in Islamic Syndications and Islamic Bond Issuance. His last post at Bank Islam was
Senior Manager, Corporate Financing Dept, He has arranged over RM6.0 billion in Islamic Bond Issues during his tenure at Bank
Islam. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd, a firm specialised in training
and arranging of Islamic financing. He has just returned from Riyadh where he was Islamic
Capital Market Consultant to Bank AlBilad. He is presently a post graduate student in Islamic Finance at the International
Islamic University Malaysia and at other times an internationally renowned lecturer in Islamic Finance and similar subjects
having taught in Dubai, Saudi Arabia, Korea, Brunei, Indonesia and Singapore.
THEPROGRAMME
8.30 am - Registration
9.00
am – 10.30 am
What is Takaful?
Insurance vs. Takaful, Basic Similarities and Differences.
Why is Insurancenot Syariah Compliant? Structure of an Insurance Transaction, Arkanul Bai’- Pillars
of Buying and Selling Aqd, What is Gharar? Gharar vs Risk. What is Riba’, Maysir and Haram?
What is the Takaful Transaction? Basic Formula of Takaful. Concept and Origin of Takaful
EssentialContracts in Takaful, Contracts in Islamic Law, Definition of Aqd, Classifications of Aqd,
Contractual Relations in Takaful, Between Participants, Tabarru’ and Ta’awun, Between Participants and the
Takaful Operator,Mudarabah in Takaful, Wakalah in Takaful, Ju’alah in Takaful, Wadiah Yad Dhamanah in Takaful, Waqf
in Takaful, Underwriting Surplus- Definition and Issues, Combination of Contracts in Takaful, Operational Models,
Conventional Operational Model vs Takaful Operational Model
Types of Takaful Operational Models-Pure Cooperative Model, Pure Mudarabah Model, Modified Mudarabah Model, Pure Wakalah
Model, Modified Wakalah Model, Wakalah Mudarabah Model, Waqf Model,
Takaful Products, General and Family Products. Industry examples of Fire Takaful, Health Takaful, House Takaful &
Motor Vehicle Takaful. Industry example of Family Takaful. Participant’s Special Account (PSA), Participant’s
Personal Account (PA), Tabarru’ Fund. Mortgage Takaful. General Operational Model vs Family Operational Model.
1.00 pm – 2.00 pm – Lunch
2.00
pm - 3.15 pm
Regulatory Aspects of Takaful-
Overall Regulatory Framework, Takaful Act 1984, Relevant Definitions, Registration of Operators,
Syariah Framework, Malaysian Takaful Association, Statutory Deposits, Takaful Fund, Statutory Asset Requirements Authorised
Malaysian Assets, Supervision and Examination, Takaful Guarantee Scheme Fund Conflict with Other Laws,
BNM Guidelines and Circulars
Margin of Solvency, Minimum Paid Up Capital,
3.15
– 3.30 – Afternoon Break
3.30
– 5.00 pm
Takaful Industry-
Statistics and Players,
Global vs Local
Current List of Operators
Comparative Statistics-
Takaful vs Insurance,
Retakaful.
What is Retakaful? Basic Retakaful Structure, Treaty Retakaful vs Facultative
Retakaful, Proportionate vs Non-Proportionate Treaties.
5.00
pm – End
Two Day International Sukuk Workshop
*Another new Course by Muamalah*
10 CPE Points
8th & 9th December 2010
PJ Hilton, Petaling Jaya
Two Day International Sukuk Workshop
Principal Features of International Sukuk and its Latest Developments
Examination of Structures, Termsheets
& Outline Legal Docs
§Investment Dar
Sukuk Musharaka,
§Sukuk Ijara,
§Malaysia Global
Sukuk Inc Sovereign Sukuk
§IDB Sukuk Istithmar,
§SABIC/SEC Saudi
Sukuk,
§Paka Capital Exchangeable
Sukuk,
§Dar-AlArkan Saudi
Sukuk,
§Bahrain Salam Sukuk
Overview of an International Placement Memo
§Classical Musharakah
Sukuk- Case Study
§AAOFFI Sukuk Rulings
§OIC Fiqh Academy
Rulings
§Overview of Issues
in International Sukuk Defaults
East Cameron Gas Company
Sukuk, Tamweel- A tale of two Sukuk.
Payment Details: I have read and understood the booking terms and conditions. Please
register the abovenamed participants and enclosed please find the required fee.
Authorised Signatory signature:
Name:
Designation:
Date:
JV Course with Northern
Bar Committee at Eastin Hotel Penang on 10th & 11th November 2010
DAY ONE 29 SEPTEMBER 2010– FUNDAMENTAL MUAMALAT FOR ISLAMIC
FINANCE & INVESTMENT PRACTITIONERS(10 CPE points)
-The missing prerequisite subject for all Islamic
Finance & Investment Practitioners
DAY TWO 30 SEPTEMBER 2010 – ISLAMIC FINANCING RESTRUCTURE WORKSHOP(10
CPE points)
-Cutting edge and hands on tutorial on how to
handle Islamic Financing & Sukuk Restructure.
Led by Muhammad Zahid Abdul Aziz renowned Islamic Capital Market Consultant and
Trainer
COURSE FEES
DAY ONE ONLY – FUNDAMENTAL MUAMALAT FOR ISLAMIC FINANCE & INVESTMENT
PRACTITIONERS– RM 650/- PER PARTICIPANT
DAY TWO ONLY – ISLAMIC FINANCING RESTRUCTURE WORKSHOP–RM1050 PER
PARTICIPANT
COMBINATION FEES
COMBINATION
FEES PER PARTICIPANT
SAVINGS
DAY ONE
RM650
DAY TWO
RM1,050
BOTH DAYS
RM1500
RM200
Location : PJ HILTON, PETALING JAYA, SELANGOR
29th & 30th September 2010
PJ HILTON PETALING JAYA SELANGOR
FUNDAMENTAL MUAMALAT FOR ISLAMIC FINANCE & INVESTMENT PRACTITIONERS
Introduction to Fundamental Muamalat,the missing pre requisite subject
for all Islamic Finance and Investment Practitioners.Covers basics of Muamalat from Sources of Hukum to Maqasid AlSyariah
(Objectives of Syariah). From Legal Maxims to Definitions ofProperty, Rights
or Haq as Assets, Characteristics of Assets (Maal), What is Meant by Ownership (Milkiah), tothe Theory of Contract (‘Aqd) in Syariah and the Prohibited Elements.
Islamic
Law & IslamicJurisprudence (Fiqh & Usul Fiqh)
Quran, Sunnah,Ijma’,Qiyas,Istihsan,Sadd Dhara’i,Maslahah Mursalah, ‘Urf, Istishab, Hukum
Shar’I, Hukum Wadh’i;
Objectives
of Syariah (MaqasidSyariah)
Education of Mankind, Establishment of Justice, Realisation of Maslahah, Dharurriyat, Hajjiyat, Tahsiniyyat;
Legal
Maxims (Majelle) ;
Private
Property (Maal)
Definition, Hanafi & other Schools, Classifications of Property;
Right
& Obligation (Haq & Dayn)
Haqqullah & Haqqunnas, Pillars of Right, Classifications of Rights;
Ownership
(Milkiyah)
Definition, Cause for Ownerships, Complete & Incomplete Ownership, Restriction of Ownership, Properties
that Cannot be Owned
Theory
of Contract in Syariah (‘Aqd)
Definition, Pillars of Contract, Purpose and effect, Conditions of Contracts, Classifications of Contracts,
Options; and Terminations of Contract;
Introducing Islamic Financing Concepts.Introduction to Islamic Capital Market.
Basics of Sukuk.
Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities
Review of ‘akad of Buying and Selling (Bai’), Rescheduling, Restructuring and Refinancing of Islamic Facilities. Illustration of Rescheduling a BBA Facility.
Refinancing and Restructuring of Syndicated .Facilities. Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic
Bonds into Equity Instruments
Hands On Case Studies
Rescheduling a defaulted Islamic Debt Facility .
Rescheduling Tranche One of a Three Tranche Islamic Bond restructure.Original Akad based on oneindivisible
Asset
Preparing a Section 176 Syariah Compliant Proposal for consideration of 1) Islamic BBA Financiers 2) IMTN Investors within
context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities.
Recomputed Debt. Conditional Waiver and Haircut. Clawback to Scheme Debt. Extension of tenor. Syariah issues and solutions.
Legal documents and role of
trustee.
Latest on International Sukuk Cases- Investment Dar, Cameron Gas, Nakheel
Overview ofSukuk meltdown. Legal risks supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders
owners of Sukuk Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue.
COMMENTS BY PAST PARTICIPANTS
FUNDAMENTAL MUAMALAT FOR ISLAMIC FINANCE & INVESTMENT PRACTITIONERS
Assistant Manager,Investment Bank
- Excellent
Senior Executive Director, International
Accounting Firm - Excellent
ExecutiveDirector,Asset Management Company
- Very good insight into the core principles of Islamic law. Well recommended
Compliance Manager, Foreign Bank -
Fitting for those seeking basic fundamentals of Muamalat, Materials are useful.
Chief Operating Officer, Foreign Asset
Manager - Very
relevant for a beginner
Executive Director, Listed Company
- You should conduct this Course in house for my management team
Senior Investment Executive, Asset Manager
- Above Average
Director of Islamic Banking, Investment
Bank
- Above Average
Director, Australian Company
- Above Average
Senior Investment Executive
- Above Average
Fund Manager, Listed Company -
Above Average
ISLAMIC FINANCING RESTRUCTURE WORKSHOP
Compliance
Officer, Asset Management Company - Comprehensive course materials
Researcher
- Excellent
Partner,
Law firm
- Above Average
Chief
Operating Officer, Foreign Asset Manager - Above Average
Fund
Manager
Above Average
Associate
Director Investment Bank Above
Average
Assistant
Manager Investment Bank Above
Average
Assistant
Manager Investment Bank
Above Average
Compliance
Manager, Foreign Bank
Above Average
Senior
Finance Manager, Listed Company Above
Average
Place: Grand Seasons Hotel, Jalan Pahang, Kuala
Lumpur
SIDC-CPE Approved 10 points
(Course Fee :RM650 per participant)
Islamic Financing Restructure Workshop
10 CPE points
RM1050 per participant
14th October 2009
Grand Seasons Hotel, Kuala Lumpur.
Covers Islamic Facilities Restructuring and Refinancing,
Local and International Sukuk Restructure, Section 176 Restructure of Islamic Banking Facilities. Section 176 Restructure
of Islamic Medium Term Notes. Case studies. Role of Trustee. Legal Documents
Contact us for details
(
REPEAT COURSE BY POPULAR DEMAND
AT HILTON KUCHING 12th,13th & 14th
AUGUST 2009
THREE DAY ISLAMIC CORPORATE FINANCING/LEGAL DOCUMENTS/ISLAMIC
STOCKBROKING/SUKUK COURSE
By
Muamalah Financial Consulting Sdn
Bhd, the de facto Islamic Capital Market Trainer for Malaysia since 2000
DAY ONE 12 AUG 2009 – ISLAMIC CORPORATE FINANCING/ISLAMIC
LEGAL DOCUMENTS
DAY TWO 13 AUG 2009 - SUKUK & ISLAMIC CAPITAL MARKET COURSE
DAY THREE 14 AUG 2009 ISLAMIC STOCKBROKING & EQUITY CAPITAL
MARKET COURSE
Led by Muhammad Zahid Abdul Aziz renowned Islamic Capital Market
Consultant and Trainer, until recently a Riyadh based Sukuk/Islamic Investment Banking Consultant to a leading Middle Eastern
Islamic Bank. Islamic Corporate Banking Concepts incl Musyarakah Mutanaqissah/ Precedents
for Legal Docs. Latest developments in Sukuk including Sovereign& Exchangeable Sukuk/Insights into Middle Eastern Sukuk
Structures incl Sukuk Musharaka, Ijara, Istithmaar, Salam and Saudi Sukuk. Islamic REIT’s/ Islamic ETF’s/ Islamic
Fund Management/ Islamic Venture Capital. Essential knowledge for Syariah Compliance Officers. Latest Sukuk rulings by AAOFFI
and Tawarruq rulings by OIC Fiqh Academy in Jeddah.
Each Course carry 10 SIDC CPE Points.
COURSE
FEES
DAY
ONE ONLY – ISLAMIC CORPORATE
FINANCING/LEGAL DOCS– RM 650/- PER PARTICIPANT
DAY
TWO ONLY – SUKUK &
ISLAMIC CAPITAL MARKET COURSE –RM1050 PER PARTICIPANT
DAY
THREE ONLY – ISLAMIC STOCKBROKING
AND EQUITY CAPITAL MARKET COURSE –RM650 PER PARTICIPANT
COMBINATION
FEES
COMBINATION
FEES
SAVINGS
ALL THREE DAYS
RM2075
RM275
DAY ONE+DAY TWO
RM1500
RM200
DAY TWO+ DAY THREE
RM1500
RM200
DAY ONE+DAY THREE
RM1150
RM175
(Inaugural Islamic Corporate Financing &
Islamic Legal Documents Course Conducted in Kuching - Attended inter alia by 20 Legal Practitioners including from
Brunei and Sabah)
Genuine Comments by Kuching Participants.
"Excellent"
"My colleagues do not know what they're
missing by not attending this Course"
" I will inform my colleagues about this Course'
" Please advertise your next Course through
our local Bar Association"
Include 30 Legal Practitioner Participants
at Inaugural KL Course
Genuine comments by KL Participants
"Contact us, we'll be sending more lawyers"
"Quite informative Course" "Very comprehensive especially the precedents on legal documents" "Good insight on
various Islamic Financing concepts and various documentation"
16th & 17th June 2009
2 Day Islamic Equity and Debt Capital Market Course by
Muamalah
Day One 16th June 2009 Syariah Broking (Islamic Stockbroking)
RM650 per participant SIDC CPE Approved 10 CPE points Led by Muhammad Zahid Abdul Aziz and Ustaz Md Zaki Ab Manan
(Including new section on Islamic ETFs, Islamic REITS,
Bursa Malaysia Best Practises Guidelines for Islamic Stockbroking and SC Guidelines on Islamic Portfolio Management)
Day Two 17th June 2009 Islamic Bonds & Islamic Capital
Market (Sukuk) Course RM1050 per participant SIDC CPE Approved 10 points. Led by Muhammad Zahid Abdul Aziz
Attend both Days for RM1500 only.
Location: Grand Seasons Hotel, Jalan Pahang, Kuala Lumpur)
Islamic Asset Backed Securitisation Course
Comments from participants of previous Courses on
Islamic Asset Backed Securitisation)
“Clear and concise presentation.”Eng Soo Hon, Senior Manager, United Overseas Bank (M) Bhd
“Interesting, informative and in-depth. Knowledge can be immediately applied.” Hamidah Bahar Rasip,Senior
Account Manager, Maybank
“Informative insights into Islamic ABS. Useful for structuring of deals.” Ling
Yuen Cheng, Senior Manager, United Overseas Bank (M) Bhd
Extremely informative. Covers all aspects from legal to accounting” Peh Mui Sim, Legal Manager,
Hong Leong Bank
“Very educational and thorough. Very experienced Speaker.
Presentation conveyed in a clear and simple manner.”Junaidah Rahim, Senior Associate, Albar & Partners
“Very comprehensive Course on ABS. Very helpful and useful” Azlida Mazri Arshad, Manager Legal &
Syariah Secretariat,, Hong Leong Islamic Bank
“Good”. Teng Chong Mui, Senior Manager, Alliance Merchant Bank
“Good introduction for someone new to the subject”Brian Wong, Assistant Manager, CIMB Brunei.
“Good background summary to ABS,” Juliet Soon Boon Leng, Manager Legal Affairs, Utama Merchant
Bank
“Comprehensive and easy to understand notes and lecture.” Asrina Baizura Morni. Investment Analyst,
Mayban Investment Management Sdn Bhd
“Good.” Alan Ooi, Manager Alliance Merchant Bank
“Commendable.” Megat Shafri, Associate Director, Malaysian International Merchant Bankers Bhd
“Objectives achieved.” Zulkifli Fitri Ismail ,Alliance Merchant Bank
“Very
useful and informative.” Katherine Tham, Senior Account Manager, Maybank
“Good course to understand overall structure of ABS,” Safiah Begum Ashegoff,
Head Corporate Trust, Mayban Trustee Bhd
“ Above Average” Chung Lai Kin, Assistant Vice President, Maybank
“Wise approach” Abdul Faiz Abdullah, Executive, Malaysian International Merchant
Bankers Bhd
“Above Average”Mohd Shaifudin, Manager, Ambank
Good knowledge obtained.” Lily Ashekin Ibrahim, Legal Department, RHB Capital Bhd
“Excellent” Zulkifli Ishak, Assistant General Manager, Amanah Saham MARA
“It covers all aspects of ABS issue ; theoretically as well as technically”Mohd Sofyan Kamaruddin, Assistant Manager, Amanah Raya Berhad
28th
& 29th January 2008
Two-Day
Islamic Capital Market Workshop
Crown Princess Hotel, Jalan Tun
Razak, Kuala Lumpur.
Price per pax maintained at RM1150 for
Malaysian and Asean participants
Including Special Section on Middle
Eastern Preferred Structures covering Gulf Sukuk Structures and Saudi Arabia's SABIC Sukuk and Saudi Electricity Company Sukuk
Led by Muhammad ZahidAbdul
Aziz currently based in Riyadh as Sukuk Consultant to a leading Islamic Bank
SIDC-CPE Approved 10
points
Announcement
Alhamdulillah
we have returned to Malaysia for good from our recent Assignment in Saudi Arabia. Thank
you for your continuous support of Muamalah Courses. "Bil tawfiqu minAllah"
Regular Courses provided:-
Two-day Course
Day One - Islamic Corporate Financing & Islamic Legal Documentation Course -
Day Two - Islamic Asset
Backed Securitisation Course-
